(H4) Trading Below Resistance

• RES 4: $86.50 - High Nov 3
• RES 3: $85.00 - Round number resistance
• RES 2: $84.22 - High Nov 30
• RES 1: $79.41/81.45 - High Jan 4 / High Dec 26 and key resistance
• PRICE: $77.88 @ 06:58 GMT Jan 10
• SUP 1: $74.79 - Low Jan 03
• SUP 2: $72.67/71.21 - Low Dec 13 and the bear trigger / Low Jun 23
• SUP 3: $69.25 - Low Mar 20 and a key support
• SUP 4: $67.84 - 1.236 proj of the Oct 20 - Nov 16 - 30 price swing

Brent futures are trading below key short-term resistance at $81.45, the Dec 26 high. The reversal off the late December highs means that price has not remained above the 50-day EMA. This suggests that the Dec 13 - 26 recovery was a correction and that the primary trend direction is down. Attention is on $72.67, the Dec 13 low and bear trigger. Clearance of $81.45 is required to reinstate a bullish theme.